I am in Markham, Ontario. I own 25% of a very small Life Insurance Brokerage. 75% is owned by a Property Insurance Brokerage (not life insurance - different licensing). I am the only person working for the Life Brokerage and therefore the Company needed to give me shares in order to validate Licensing requirements. I have not say in the back office decisions, I am sales only and the only sales. All income coming into this Brokerage is procured by me and only me and this has been the case for 26 years now. There was a change in ownership of the Corp. Magnes and likewise the 75% shareholder of my business (PSA Financial Services Inc.). The new Magnes people decided they didn't want me around any longer so they have tried to make me leave in many ways. I did get a lawyer to pursue a constructive dismissal case against them but I haven't left the firm yet because all the clients are mine.....my only income. I am 67 year old with medical issues and I support my 50 Year old developmently handicapped/schizophrenic nephew so I can't just up and leave. The lawyer I have is not at all versed in Corporate law and consequently I'm in a position where because I'm a shareholder, my partners are charging me for their legal expenses to fight me from getting severance pay. My question to you is -- is there any relief to me under Corporate laws. They are pounding me in every way and it appears I made a huge mistake in getting the lawyer I did. Any words of wisdom? Thanks
Answer by Benjamin O Mbaegbu
Not VerifiedOntario lawyer
Posted 3 months ago
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Posted 3 months ago